Press release

The Basel Committee on Banking Supervision has today issued a set of guidelines to describe how banks should include the management of risks related to money laundering and financing of terrorism within their overall risk management framework.

Prudent management of these risks together with effective supervisory oversight is critical in protecting the safety and soundness of banks as well as the integrity of the financial system. Failure to manage these vulnerabilities exposes banks to serious reputational, operational, compliance and other risks.

An earlier version of the guidelines published today was issued for consultation in June 2013. The Committee thanks those who provided feedback and comments, which were taken into account in revising and finalising the guidelines.